AAC Technologies Holdings Inc. (AAC TECH, 02018) reported record results for the year ended 31 December 2025.
Full-year highlights • Revenue rose 16.4 % year-on-year to RMB 31.82 billion, driven by broad-based growth across legacy and emerging businesses. • Gross profit increased 16.1 % to RMB 7.02 billion; gross margin held steady at 22.1 %. • Net profit attributable to shareholders surged 39.8 % to RMB 2.51 billion, lifting net margin to 7.9 % (FY 2024: 6.6 %). • Basic EPS reached RMB 2.18, up 42.5 %. • Operating cash flow climbed 38.1 % to RMB 7.18 billion, while CAPEX amounted to RMB 2.83 billion. • Cash on hand stood at RMB 8.61 billion; net gearing edged down to 2.1 %. • The Board proposes a final dividend of HK$0.35 per share, a 45.8 % increase, representing a 15 % payout ratio.
Segment performance • Electromagnetic Drives & Precision Mechanics remained the largest contributor, with revenue up 21.3 % to RMB 11.77 billion and gross margin improving 1.2 ppts to 24.5 %. • Acoustics revenue grew 1.7 % to RMB 8.35 billion; gross margin softened 2.6 ppts to 27.6 %. • Optics delivered RMB 5.73 billion, up 14.5 %, as gross margin widened 5.0 ppts to 11.5 % on richer product mix. • Automotive Acoustics posted RMB 4.12 billion, a 16.1 % gain; gross margin slipped 1.0 ppt to 23.8 %. • Sensors & Semiconductor revenue more than doubled to RMB 1.57 billion (+103.1 %), though gross margin eased 1.8 ppts to 13.8 %.
Second-half snapshot In 2H 2025, revenue reached RMB 18.50 billion (+15.0 %) and net profit RMB 1.64 billion (+29.8 %), with net margin rising to 8.8 %.
Financial position Total loans and unsecured notes amounted to RMB 9.22 billion; over 61 % carried fixed rates. The Group maintained strong liquidity, with unencumbered cash covering 93 % of total debt.
Management comments AAC TECH highlighted accelerated adoption of AI-driven hardware in smartphones, automotive, XR and robotics. Key operational achievements included ramp-up of ultra-thin vapor chamber production, mass production of periscope and OIS modules, and initial shipments of robotic finger actuators. The pending acquisition of AR-waveguide specialist Dispelix Oy, expected to close in 1H 2026, aims to strengthen the Group’s position in augmented-reality optics.
Outlook The Board reiterated its strategic transition toward becoming an “AI perception infrastructure” provider, supported by disciplined CAPEX, sustained R&D investment (RMB 2.31 billion in 2025) and a resilient balance sheet.